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Palm Oil and asset managers remain key bets

Energy aside, the other key themes remain asset managers and palm oil. The trust has stakes in Polar Capital (POLR.L), Liontrust (LIO.L), Ashmore (AGOL.L) and a top 10 holding in Brewin Dolphin (BRW.L), while three palm oil operators are also in the top 10 including long-term favourite New Britain Palm Oil (NBPO.L).

Over five years to 8 June, the trust has produced a total return of 29.6%, compared to the FTSE All Share return of -1.3%. On 14 June, the trust was trading on a 4.6% discount, having narrowed from around 9% earlier this year, on improved recent performance.

Citywire Selection Verdict:

Unlisted holdings in this investment trust have been a drag on short-term performance. Notwithstanding that, experienced co-managers John Dodd and Adrian Paterson have a knack of picking winners in the under-researched small company space. The discount has narrowed again more recently as the fund has returned to form, and the key investment themes are energy, asset managers and palm oil.

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